• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sonoma County Mortgages

Contact Us About Mortgage Financing

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now

Search Sonoma County Mortgages

  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • About SCM
  • About Scott Sheldon

Primary Sidebar

Sonoma County Mortgages is a part of New American Funding

New American Funding - NMLS #6606

Get Your Latest Rate Quote Now!

Can you get a mortgage if you are furloughed?

September 16, 2020 by Scott Sheldon

Share on Facebook Share on Twitter Share on Pinterest Share on LinkedIn Share on Email
Can you get a mortgage if you are furloughed?

Many employers have furloughed employees due to work capacity, financial constraints other reasons. If you’re furloughed with your current job more than likely you’re going to have a difficult time getting a mortgage. While each individual company might have a different guideline, most lenders from a blanket standpoint have a requirement in place that you are back to work in order to qualify to get a mortgage. This means you have to be back to work supported with a pay stub typically, and written verification from the employer.

The challenge with being furloughed is not having a return-to-work start date, it’s a possibility that you might not return to work at all depending on whatever financial constraints your employer is dealing with. This can become somewhat problematic for a mortgage because in order to have a sufficient mortgage application you have to have three major elements, cash, credit, and income. You can’t get a mortgage without all three elements. As a result, the income piece and continuance of that income is necessary in order to qualify for today’s low mortgage rates. So you want to be back to work and be taken out of the furlough status specifically with your employer.

Something to think about in determining what the best course of action should be for you and your family from a financial standpoint. Looking to get a mortgage? Start with a no-cost quote now.

Related Mortgage Advice from Scott Sheldon

  • what kind of home buyer are you
    What kind of home buyer are you?

    Buying a home whether it be your first home or even a second home should…

  • mortgage for manufactured home
    How to get a mortgage for a manufactured home without mortgage insurance

    If you own a manufactured home, or if you are looking to purchase one, here…

  • why your mortgage goals why not happen
    Is a 50 year mortgage a good move?

    Are you looking to afford a mortgage? A 50 year mortgage may be an option,…

  • why waiting for lower rates is a bad idea
    How to remove private mortgage insurance

    There is too much information circling around the internet, about how to remove mortgage insurance…

Filed Under: Uncategorized Tagged With: BAD CREDIT MORTGAGE, buying a home, buying your first home, cash out refinance, covid19, refinancing my mortgage, sonoma county home buying, sonoma county refinancing

Get Sonoma County Mortgages News and Updates in Your Inbox

Footer

SCM on Facebook

SonomaCountyMortgages.com

Connect on Facebook

SCM On Instagram

Follow Sonoma County Mortgages on Instagram

Follow on Instagram

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

See Reviews on Zillow

Location & Contact

Sonoma County Mortgages and New American Funding are an Equal Opportunity Housing Lender

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
View SCM Map | Email Us!

Map of Sonoma County Mortgages New American Financing Office

View Map on Google

Copyright 2010–2023 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing (Opens in New Window) | Privacy (Opens in New Window)
Terms of Use (Opens in New Window) | Electronic Consent Agreement (Opens in New Window)
Opens in new window Opens an external site Opens an external site in a new window